The Interpreter Posted August 5, 2008 Share Posted August 5, 2008 http://www.sunherald.com/prnewswire/story/726796.html Note that this is a four page press release on the web. Also note that the attendance is mentioned as being strong at the former Paramount Parks in "the Toronto market, along with the Washington, D.C., Charlotte and San Francisco markets." There seems to be one market not mentioned....... Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted August 5, 2008 Author Share Posted August 5, 2008 During the conference call, Mr. Kinzel and others indicated that an 82 acre parcel of land adjacent to and north of Canada's Wonderland is being marketed, and any proceeds realized will be used to pay down debt. He also said that the company will continue looking at monetizing non-earning assets (selling off stuff). Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted August 5, 2008 Author Share Posted August 5, 2008 During the first six months of this year, Cedar Fair lost $29.1 million, or 53 cents per diluted partnership unit...Although attendance was up, in park spending is down per capita. Although EBITDA was up, it can be attributed to an increased number of operating days (75 more) and cost controls. In the past five weeks, attendance has been up six percent, out of park spending is up $800,000; but in park spending is down slightly. Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted August 5, 2008 Author Share Posted August 5, 2008 During Q & A, Mr. Kinzel indicated that admissions price increases of $1 or $2 began last Saturday and should be implemented in all the parks by the end of this week. Also, that food and energy cost increases were being successfully passed on to the customer. Also that seasons' pass sales would begin earlier this year. As to whether the company would be interested in the Busch parks, Mr. Kinzel said the company would welcome the possibility to manage the Busch parks but is in no position to be able to acquire them given the company balance sheet and the requirements in the partnership agreement to distribute earnings. Mr. Kinzel indicated the Geauga Lake business and GLP group business is starting to materialize at Cedar Point. He also indicates the hotel business is doing particularly well at the company, but did so last year as well. The Geauga Lake real estate sale...there are three proposals, discussions are continuing...one is an outright proposed purchase of part of the property, one is a joint venture... The Canadian property for sale has comparable sales at $600,000 to a million an acre (Canadian). Mr. Kinzel said when people visit the park, they have to eat, and they are always going to buy a meal, a couple of soft drinks and some ice cream, but may skip out on games and souvenirs. As to Great America and the proposed stadium, there is no news since the last conference call...the 49r's know what Cedar Fair's requirements are and the 49r's are weighing what the best use of the property is and what it is worth. They also may have delays with their environmental impact report for 6 months to a year, plus any number of other reasons. "Season's pass" sales for this season are up considerably...they had renewed some the perks that the Paramount Parks had had, and extended them to the legacy parks, which has helped considerably...which adds revenue to the bottom line. Especially up at Canada's Wonderland and at Cedar Point... Quote Link to comment Share on other sites More sharing options...
Lake54321 Posted August 5, 2008 Share Posted August 5, 2008 During Q & A, Mr. Kinzel indicated that admissions price increases of $1 or $2 began last Saturday and should be implemented in all the parks by the end of this week. Also, that food and energy cost increases were being successfully passed on to the customer. Also that seasons' pass sales would begin earlier this year Yes, at CP food prices have already went up once this season & another increase is on the way! I am sure they will sneak in a parking fee increase like they did around this time last year as well. So if your going to a Cedar Fair park in the next couple weeks, you better bring along some more $$$ !!! Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted August 5, 2008 Author Share Posted August 5, 2008 In other news, Mr. Kinzel did not once refer to nickels in this conference call! Terpy, who bets he knows why... Quote Link to comment Share on other sites More sharing options...
WooferBearATL Posted August 5, 2008 Share Posted August 5, 2008 In other news, Mr. Kinzel did not once refer to nickels in this conference call! Terpy, who bets he knows why... Inflation, it's now dollars. Quote Link to comment Share on other sites More sharing options...
Tomkatt7 Posted August 5, 2008 Share Posted August 5, 2008 Doesn't KI sit on alot more land than they actually use? If so, I wonder if they'll sell that off..... The bus driver at the Kings Island Resort said there was a RUMOR that CF was going to reinstall a camp ground at KI, behind the Great Wolf Lodge. Which is, where it used to be anyways. Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted August 5, 2008 Author Share Posted August 5, 2008 At one time, Kings Island owned a huge amount of property, including the resort across the street and the golf course, and of course the land where Great Wolf Lodge now sits. Mr. Carl Lindner retained much of it when he sold to Paramount, and Paramount sold some of it. The park now owns just over 600 acres of land...given other no-doubt planned future uses of the property, it would greatly surprise me to see Cedar Fair sell real estate at or adjacent to Kings Island. Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted August 6, 2008 Author Share Posted August 6, 2008 Word for word transcript of the conference call: http://seekingalpha.com/article/89280-ceda...call-transcript Quote Link to comment Share on other sites More sharing options...
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